Thomas Aboan Hanger Online Blogging What is Property Management?

What is Property Management?

Modern apartment buildings in a green residential area in the city.

 

Property owners often hear about property management companies and wonder what they are, in so much as how they benefit a property owner. There are many misconceptions regarding how property managers work and their responsibilities, as well as what sort of properties property management companies can be hired to maintain.

Let’s go over the ins and outs of property management and find out if it’s a service you can benefit from.

 

What is Property Management? 

Property management means hiring a third party as a property manager to oversee the daily responsibilities of residential, commercial, or industrial properties. Generally, the property manager will ensure the day-to-day repairs, maintenance, and upkeep are taken care of and is usually tasked with caring for investment properties.

 

What are the Property Manager’s Responsibilities?

The essence of property management is being delegated work that the owner or developer has no time to handle. These responsibilities can range from handling tenants to ensuring the property is properly maintained, specifically, a property manager’s job can include:

  • Screening potential tenants
  • Signing, drafting and renewing leases 
  • Collecting rent from tenants
  • Arranging for repairs for the property
  • Creating and adhering to property maintenance budgets
  • Preparing vacant units
  • Advertising the rental property
  • Handling lease agreements with tenants
  • Rent adjustments
  • Supervising property employees
  • Handling evictions and move-out processes
  • Handling tax for the property
  • Ensuring property compliance with the law
  • Property record keeping

While this list isn’t exhaustive, it gives a good and rounded impression of what type of responsibilities you can expect property managers to take on. 

 

Types of Property Management

There are four types of properties that property managers are likely to work and care for:

 

Residential Real Estate Property

Residential properties can fall to a property management firm usually when it’s a rental space and can include:

  • Single-family homes
  • Multi-family homes
  • Townhouses
  • Apartment buildings
  • Manufactured homes
  • REO properties
  • Vacation rentals

 

Commercial Property

Commercial property is commonly associated with property management companies and can include a wide range of spaces, including:

  • Co-working spaces rented by the day or hour, commonly used by freelancers and contractors
  • Office properties, such as doctor’s offices or large buildings with multiple offices and levels
  • Retail properties, such as malls, restaurants, gas stations, and big-box stores
  • Accommodation properties, such as hotels, motels, and resorts. 

 

Industrial Properties

An industrial property often has more responsibilities for the property managers than the other categories due to the nature of the work performed in these spaces, such as bidding for vendors and compliance with industry codes. Some of the types of properties that fall under property management companies’ purview include:

  • Distribution facilities
  • Warehouses
  • Food packaging plants
  • Automative plants
  • Steel mills

 

Special-Use Properties

Special use, or special purpose property, means a property that is designed for a specific use and often translates to property managers needing specific skills to successfully manage them. A special-purpose property includes:

  • Schools
  • Colleges and universities
  • Places of worship
  • Resorts
  • Sports arenas
  • Theaters
  • Senior care centers and facilities

 

Benefits of Having Property Management 

No matter the type of real estate property you own, there are a host of benefits to hiring a property management company, including:

Screening out problem tenants: likely the biggest headache for any real estate owner. Due to a property manager’s experience, they have the insight to see red flags and spot good qualities in a potential tenant, making the screening process more efficient and having better quality tenants long-term.

 

Decreasing turnover: piggybacking off the first advantage, lower turnover means stable property income and happy tenants. 
Avoiding legal issues: an experience property manager knows the housing and landlord-tenant laws: being able to navigate them while having good relationships with lawyers who specialize in these types of disputes. Some companies will also take care of fees associated with evictions or property damage issues.

 

Saving money on maintenance and repair: Like being connected with lawyers, an experienced real estate property manager usually works with a maintenance company that due to their professional relationship can benefit from discounted work without losing on quality. They can also stay ahead of repairs by having the time for regular inspections, reducing emergency repair costs.

 

Property Management For You

Now that you understand what property management is and the common responsibilities they have, along with what type of real estate they handle; do you think you’d benefit from hiring such a company? 

Here at Goodale & Barbieri, we do just this. As one of the largest developers, property managers, and a leading real estate firm, we understand what to look for with tenants and the nuances of managing a property. Since 1937 we’ve handled properties of all sorts and currently over 4 million square feet of commercial property. Discover more about working with experienced experts by following the link below.

 

To learn more information about this topic, please check out Goodale & Barbieri

 

Related Post

Can consuming alcohol more water really cause weight-loss?Can consuming alcohol more water really cause weight-loss?

While nobody`s stating you`ll awaken lighter merely by sipping water prior to bed (or any other time of day), proof supports the water– weight-loss link: Nevertheless, 60% of your body is composed of water, meaning that the clear, calorie-free liquid contributes in almost every bodily feature. The more moisturized you are, research study recommends, the more efficiently your body operates at tasks that vary from thinking to melting body fat.

Science suggests that water can aid with weight management in a selection of ways. It might reduce your cravings, increase your metabolic process, as well as make exercise easier and much more effective, all of which can contribute to outcomes on the scale. See Slim Crystal Review for additional info on this.

While numerous elements, behaviors, as well as proneness can affect your body weight, if your objective is lasting, moderate fat burning, ensuring you`re moisturized could be an excellent area to start.
Seven factors consuming extra water might help you reduce weight:.

1. Water might normally subdue your cravings.

When you realize you`re starving, your initial impulse may be to find food. Yet eating might not be the response. “Thirst, which is activated by light dehydration, is usually mistaken for appetite by the brain,” claims Melina Jampolis, an internist and also board-certified medical professional nutrition expert. “You might be able to decrease cravings by drinking water if you are, actually, reduced in water not calories.”.

What`s even more, consuming water can promote satiation because it goes through the system rapidly, extending the stomach. “This sends messages to your mind signaling volume,” Jampolis claims.

Elizabeth Huggins, a Registered Dietitian Nutritional Expert at Hilton Head Health and wellness, adds that though the outcomes are short-term, “consuming water shortly before eating may aid lower food consumption.” Study supports the theory: Individuals that drank two glasses of water quickly before a meal in a little 2016 research consumed 22% less than those that didn`t drink any kind of water prior to eating.

Regarding two cups should load your tummy enough for your mind to sign up fullness.

2. Consuming water may boost your metabolic rate.

It`s feasible that drinking water promotes your body`s metabolic rate as well as energy expense, eventually helping with weight monitoring, according to Huggins.

In an eight-week research published in 2013, when 50 ladies with excess weight consumed about two cups of water half an hour prior to morning meal, lunch, and dinner with no extra nutritional modifications, they slimmed down as well as saw decreases in body mass index and also body structure ratings.

It`s not magic: Drinking water shows up to stimulate thermogenesis, or warmth manufacturing, in the body, especially when it`s cooled. The body has to use up energy to warm the fluid to body temperature level, and also the even more energy expended by your body, the faster your metabolic rate (the process by which your body converts what you drink and eat right into power) runs. Particularly, consuming alcohol concerning two mugs of 71 ° F water led to a 30% typical increase in the metabolic prices of 14 healthy grownups in a tiny 2003 research published in the Journal of Clinical Endocrinology & Metabolic Process.

Before you fill your glass and also tons your plate, though, bear in mind that the effects of thermogenesis probably won`t create substantial calorie shortages that cause weight management. “Even if the effect is negligible, it is important to remain hydrated,” Huggins claims, noting that there are few, if any type of, disadvantages to consuming much more water.

3. Drinking water could help reduce your general fluid calorie intake.

Because water contains no calories, loading your glass with H2O as opposed to higher calorie choices such as juice, soft drink, or sweetened tea or coffee can lower your total liquid calorie consumption. Pick water over the conventional 20-ounce vending machine soda, as well as you`ll consume alcohol 250 less calories, Huggins mentions.

As long as you do not “comprise” for those calories– i.e., leave of the coffeehouse with a muffin and water rather than your common flavorful cappucino– the calorie savings can add up rapidly, she claims.

Additionally fascinating: Although diet regimen soda adds no calories, changing diet regimen beverages with water might be an aspect that contributes to weight management in particular teams of individuals. Overweight and obese women that changed diet regimen beverages with water after their main meal revealed higher weight reduction during a weight-loss program in a 2015 research released in The American Journal of Clinical Nourishment. The researchers noted that the extra weight management in those that drank water could be attributed to taking in fewer calories as well as carbs, however much more research study is required. All that said, given that many diet regimen beverages still moisturize as well as minimize calorie consumption when utilized as a substitute for sweet drinks, they might aid particular individuals slim down.

4. Drinking water helps during exercise.

Water is essential to the body throughout exercise: It liquifies electrolytes– minerals that include sodium, potassium, as well as magnesium– as well as distributes them throughout the body, where their electrical energy causes contraction required for motion, Jampolis explains. An electrolyte discrepancy can lead to cramping, yet that`s not the only adverse effects of drinking too little.

” When muscle cells are dried out, they break down healthy protein (also known as muscular tissue) faster and construct muscular tissue extra gradually, so your workouts are much less reliable,” she claims.

What`s even more, the body sheds liquids faster throughout exercise because it creates heat that`s shunted to the skin`s surface, where perspiration and also subsequent evaporation (a cooling procedure) aid with temperature level policy.

Staying effectively hydrated also helps preserve your blood`s quantity, so you can optimize the development of blood vessels at the skin`s surface to launch warmth, Jampolis claims.

” If your body can not dump excess heat through sweating, you`re establishing on your own up for warm fatigue or even worse,” she claims. “Being adequately moisturized can boost your workouts by reducing tiredness, which can permit you to exercise much longer as well as melt even more calories.” That`s why it`s so vital to moisturize before as well as throughout your exercise, not just when you start to really feel parched.

5. Water helps the body remove waste.

Consuming alcohol water helps with the production of pee, which is greatly made up of water, and the movement of feces, since water keeps stools soft. To put it simply, the more hydrated you are, the simpler it is for your system to relocate points along as well as the less most likely you are to deal with irregular bowel movements and also bloating.

Furthermore, sufficient hydration advertises kidney function, flushes damaging germs from the urinary system, and also avoids kidney rocks, which can accompany more focused pee, according to Huggins.

6. The body needs water to shed fat.

Upping your water consumption might enhance lipolysis, the procedure whereby the body burns fat for energy, according to a 2016 mini-review of pet research studies released in Frontiers in Nourishment. “We`re not specific of the system, however mild dehydration decreases lipolysis, which might result from hormonal adjustments,” claims Jampolis, who was not related to the evaluation. Another theory positioned in the animal research studies: Water expands cell quantity, which could play a role in fat metabolism. However, it continues to be unproven among human subjects.

7. Water may enhance inspiration as well as decrease tension.

When you`re dried out, you might experience signs such as fatigue, lightheadedness, and confusion– as well as who makes healthy decisions under those conditions? Dehydration, the researcher of the 2016 mini-review discovered, additionally may be connected to drowsiness as well as lowered awareness. And also one more research, released in the International Journal of Sports Medicine, found that dehydration raises your body`s production of cortisol, the stress hormone.

” These signs can influence your motivation to workout, chef in your home, and make better food choices,” Jampolis claims.
Various other wellness benefits of alcohol consumption water.

Bear in mind, your body is comprised of 60% water, so weight reduction isn`t the only physical procedure impacted by appropriate hydration. These are simply a few instances of what else water can do:.

Water keeps your skin brilliant.

Researchers still do not recognize the specific device, however offered water`s important role in the majority of your physical functions, it makes sense that it would certainly contribute in skin wellness, too. In a 2015 research released in the journal Medical, Aesthetic as well as Investigational Dermatology, researchers found that enhancing water intake would certainly impact the skin the same way as a topical moisturizer as well as might favorably impact typical skin physiology, consisting of elasticity (the loss of which relates to sagging and creases).

Water increases your mental ability.

Much like the remainder of your body, your mind depends upon water to function most efficiently– water really makes up 73% of the mind. Even slight levels of dehydration (just 2% water loss) hinder your performance in tasks that call for attention, cognitive functions, physical motion, and immediate memory skills, according to research published in the Journal of the American College of Nourishment.

Water controls high blood pressure.

” Water plays a significant function in keeping the blood flowing efficiently,” Huggins states. “When you`re dehydrated, the plasma/blood cell ratio modifications in a way that makes the blood thicker as well as a lot more viscous. This makes it tougher for blood to stream where it needs to stream, raising the stress and anxiety positioned on the heart.”.

On top of that, when your body`s cells don`t have enough water, the brain secretes a chemical that constricts the capillary, which can lead to hypertension or high blood pressure, which subsequently can increase the threat of stroke and also heart disease. Staying hydrated maintains your capillary from tightening so blood can move generally.
How much water should you consume?

You`ve possibly listened to the typical “eight 8-ounce glasses daily” rule, however the reality is, the quantity of water required varies considerably relying on age, sex, health and wellness, physical activity, tendency to sweat, and also much more. The majority of healthy and balanced individuals adequately fulfill their day-to-day hydration needs by allowing thirst be their overview, according to the National Academies of Sciences, Engineering, as well as Medicine, or NASEM.

The average American adult drinks nearly 5 cups of water a day, according to the Centers for Illness Control and Avoidance. The general suggestion from the NASEM is around 91 ounces (concerning 11 cups) of water every day for females and around 125 ounces (concerning 15 as well as a fifty percent mugs) for males. About 80% of the recommended liquid intake originates from drinking water and also beverages, while the various other 20% originates from water-rich foods.

One way to establish whether you`re consuming sufficient water is to peek in the pot after you pee. “It`s best to pass the color of your urine,” Jampolis states. “If it`s dark yellow, you aren`t consuming alcohol sufficient. Go for light yellow.”.
The upshot: Water as well as weight reduction.

The scientific research does reveal that alcohol consumption water might help with weight-loss as well as urge various other positive health and wellness results. “Water is crucial in every mobile task of our body from head to toe,” Huggins says. “Remaining hydrated aids the body run much more effectively as well as assists us really feel much better.”.

However consuming more water needs to be only one small part of your health journey. “Drinking water is not mosting likely to have a significant weight-loss impact, as well as without calorie limitation and/or exercise, simply consuming water is not most likely to bring about considerable weight loss,” Jampolis states. As constantly, she states, it is necessary to embrace a much more comprehensive as well as sustainable method.

Seven approaches to keep your business protectedSeven approaches to keep your business protected

Our Security & Alarm expert offers some guidance on Business Security: Always keeping your premises secure is one of the greatest concerns of all business operators. Break-in is one of the most usual crimes to influence an organization and the impact can be far reaching. Get in touch with -

Here`s just how you can update your Company Security to keep things safe this year.

Check your locks

This may seem like an apparent factor, but you `d be surprised how many people overlook even the most basic of safety and security measures. Locks are one of the most basic safety measures, they should never be neglected. Make sure that all locks on your facilities work thoroughly.

Keep an eye on your lighting

Smart use of lighting is one more great way to discourage potential burglars. Think of investing in security lights to go along with you new alarm system or set your lights on random timers to give the perception that personnel are working late.

Carry out frequent inspections

Even the best hardware in the world is no use if it does not work correctly. Technology is not infallible, so it`s essential that you inspect your safety and security units frequently to make sure everything is in working order. Talk to us about this -

Alarm systems

Alarm systems can act as a powerful discouraging factor to potential thieves as they don`t want to be caught out triggering an alarm system. For this reason, investing in an up-to-date alarm system is one of the key steps to improving your safety and security.

Upgrade your CCTV

CCTV has come a long way from where it first began. No longer are pictures grainy and vague, digital cameras will offer you a crystal-clear sight of your company buildings, making sure that any intruders are easily recognizable. If you haven`t done so in a while, updating your CCTV systems are one of the key things to do to ensure your companies` safety and security.

Employ access control

Access control systems give you complete control over who can and can`t go into your property. While keys can be replicated, and locks can break, access control is much more contemporary method to make sure your organization building is fully protected.

Get advice from the service providers

If you`re uncertain about the best security options for your business, why not get in touch with an expert? At - we know a thing or two about alarm systems and CCTV, and we`re always happy to advise on Enterprise Safety and security so you can take the best course of action.

The New Normal: How COVID-19 Made Digital Even More RelevantThe New Normal: How COVID-19 Made Digital Even More Relevant

No one was prepared when COVID-19 struck. As city-wide lockdowns took place all over the world, the digital landscape became a space that everyone turned to. What the global situation taught us is how digital is relevant more than ever. 

From daily TikTok craze to buying meals from a food delivery app, digital made adjusting to the “new normal” easier. 

Connect with People and Purchase from Businesses with Social Media

Even before the pandemic, social media has been on a steady path of growth. The current situation has amplified social media usage, making today’s platforms not just a place to connect with others but also to purchase necessities. 

Facebook has doubled down on its Marketplace features, making it easier for customers and sellers to find each other. On the other hand, TikTok has become a new hangout place for Gen Z users, creating video content to pass the time. 

No More Dining Out? No Problem

The risks of contracting the virus have put restaurant businesses to a standstill, limiting dine-in options. What this entails, however, is a rise of food deliveries. In fact, the number of people using online food deliveries is expected to reach 3.3 million by 2024

The availability of different food delivery platforms has provided people with a convenient and safe way of enjoying the food they love. 

Digital Lifestyle to Cope with the Current Situation

Day-to-day routines are now embedded digitally. Online workouts and fitness instructions have become an alternative to regular gym sessions, as fitness centres remained close during strict lockdowns. 

 

There’s no denying how much impact COVID-19 made across the world – not just to the health sector, but in different aspects. It’s up to people to adapt to the current situation and use the digital leverage available.